The CA Tax Credit Allocation Committee (TCAC) has posted proposed regulation changes associated with administering ARRA funds. TCAC staff will conduct a public hearing to discuss and solicit comments on these and earlier released changes on Tuesday, September 17 from 9 a.m. until noon in Room 587, 915 Capitol Mall, Sacramento.

 

The proposed changes, with page references to the draft regulation changes without an accompanying statement of reasons:

 

1. Permit TCAC to award Section 1602 funds to Tax Exempt Bond credit applications for projects receiving reservations after federal fiscal year 2009. Section 10323(b)(2), page 1.

 

2.Permit TCAC to award small amounts of nine percent (9%) credits rather than leave a small amount of four percent (4%) credits in a project originally cast as a Tax Exempt Bond Project. Section 10323(c)(1), page 2.

 

3.Broaden TCAC's authority to help offset prevailing wage costs where ARRA funds are the sole invoking source, and relocate language describing TCAC's ability to award either TCAP or Section 1602 funds to an applicant. Section 10323(c)(3), page 3.

 

4.Relocate interchangeability language to paragraph (c)(3) where it is more broadly applicable. Section 10323(d)(1), page 3.

 

Congratulations to members whose projects are being recommended by the TCAC staff for 9% tax credit awards at the TCAC meeing Thursday.  They are:  

 

The San Diego City Council Land Use & Housing Committee heard a report on Wednesday from the Independent Auditor about his audit of the San Diego Housing Commission.  One criticism of the Audit was that the Housing Trust Fund's Commercial Linkage Fee had not been adjusted regularly and, therefore, was not in conformance with City policy. The fee supports the City's Affordable Housing Trust Fund. After hearing speakers opposing the fee and affordable housing advocates supporting the need for funds to create housing for low-income workers, the Committee referred the item to the Housing Commission.  The Commission is to do an analysis and nexus study and provide the results to the Council in June 2010. An overview of the Audit can be viewed here. 

SDHF's Policy Committee meets Wednesday, September 9 (second Wednesday) from 9 to 11 a.m. at Bank of America Community Development Banking, 450 B Street, Suite 450, San Diego. Members are welcome to join the Committee which makes recommendations on policies, legislation and issues for the SDHF Board. Contact doris@housingsandiego.org if you are interested in becoming a member of the Committee.